April 14 (UPI) -- The government of Venezuela signed an agreement with U.S. oil company Chevron Corp. that will allow it to increase its participation in key projects and expand production in the Orinoco Belt, the country's main oil-producing region.
Venezuelan authorities confirmed the agreement Monday, and it raises Chevron's stake in the joint venture Petroindependencia to 49% from 35.8% , giving it greater control over operations in an area where extra-heavy crude is produced.
In addition, the company obtained rights to develop the Ayacucho 8 block, an area near existing operations that could help facilitate increased production.
"This agreement expands Chevron's position in heavy crude in two key projects in Venezuela," said Javier La Rosa, president of Chevron Base Assets and Emerging Countries.
Chevron consolidates its Venezuela heavy oil position through an asset swap agreement with Petróleos de Venezuela, S.A. (PDVSA) and its subsidiaries. The agreement marks another important step in Chevron's long history in Venezuela and reinforces the company's role in supporting... pic.twitter.com/WIdXC40uxY— Chevron (@Chevron) April 14, 2026
